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Non-major bank consolidates lending process

by Malavika Santhebennur2 minute read
Loan application

Non-major bank Suncorp has announced that it is removing certain manual processes in its lending application process via the NetGen.Net ApplyOnline platform.

Suncorp is consolidating two previously separate steps, with the changes to be rolled out in stages over the next coming months.

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It will include ApplyOnline automation of title searches, valuations, electronic signatures and validation of documentation supplied by brokers for customers.

Benefits of the changes include a reporting function for outstanding items to assist in quality improvement, improving loan document submission requirements to assist brokers in a faster time to a loan outcome, a communication mechanism by electronic means between ApplyOnline systems, as opposed to separate emails, and delivering a consistent message to brokers about the required information.

The second phase of the rollout will occur on Tuesday, 28 January, and involves accredited brokers.

As of 28 January, all required information and documents are required before the loan can be submitted. The application will not be processed unless these initial steps are followed.

All brokers involved will receive detailed information about the changes before implementation of the changes, including an FAQ document and a step-by-step process guide.

[Related: Commercial brokers go paperless]

Non-major bank consolidates lending process
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Malavika Santhebennur

Malavika Santhebennur

AUTHOR

Malavika Santhebennur is a content specialist at Momentum Media, focusing on mortgages and finance writing.

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